Adam Jackson
TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) reported net revenue of $72.1 million for its second quarter ended June 30, an increase of 12.7% year-over-year and 3.9% sequentially. It marks the seventh consecutive quarter of growth, according to preliminary and unaudited financial results released Monday.
TerrAscend’s gross profit margin increased to 50.2%, a modest rise from 48.8% in the first quarter of the year.
With the results, TerrAscend said it expects a strong performance for the full year 2023, with projected net revenue of at least $305 million and an adjusted EBITDA from continuing operations of $58 million.
The projections indicate a potential year-over-year growth of 23% in net revenue and 49% in adjusted EBITDA, the company said, suggesting that 2023 could be a breakthrough year.
“We are pleased to deliver results in the second quarter that exceeded our internal forecasts,” Jason Wild, executive chairman, said in a statement.
“We have significantly improved our margins, transformed our balance sheet, materially lowered our interest expense, achieved positive cashflow, acquired four dispensaries in Maryland, and successfully listed on the TSX, all while driving sector leading revenue growth.”
The recent milestones include the acquisition of four dispensaries in Maryland and a successful listing on the Toronto Stock Exchange (TSX). According to Wild, the developments are expected to fuel growth in revenue and profitability for the remainder of the year.
